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NSIA to Invest N6.1bn in LUTH, AKTH, FMC Umuahia

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Malaysian Ringgits And Stock Boards Inside RHB Investment Bank
  • NSIA to Invest N6.1bn in LUTH, AKTH, FMC Umuahia

The Nigeria Sovereign Investment Authority is to invest the sum of $20m (N6.1bn based on N305 per dollar official exchange rate of the Central Bank of Nigeria) in three medical facilities in the country.

The amount will be invested through the NSIA Healthcare Development and Investment Company in collaboration with Federal Ministry of Health.

The project will be executed under a joint venture agreement in three government hospitals in the country.

They are the Lagos University Teaching Hospital in Lagos; Aminu Kano Teaching Hospital in Kano; and the Federal Medical Centre, Umuahia, Abia State.

As part of the initiative, the NSIA is considering an investment of up to $10m in LUTH to fund the acquisition of a high energy linear particle accelerator for external radiotherapy; a brachytherapy system for internal radiotherapy; a CT simulator for radio therapy planning; and construction/upgrading of bunkers for the two LINACs.

For AKTH and FMC Umuahia, the aggregate investment of up to $10m will cover design and construction of the medical diagnostic centres; purchase of radiography equipment for the centres, including 1.5T MRI, 160 slice CT, three digital X-ray machines, four ultrasound machines and other ancillary equipment.

Others are the acquisition of supporting software and accessories, furniture and Information Technology equipment and power generation solutions for the centres.

Under the agreement, the cancer centre at LUTH will be upgraded to provide specialist care for cancer treatment, while AKTH and FMC Umuahia will focus on diagnostics providing medical microbiology services, routine chemical pathology, haematology tests and advanced radiography, including MRI and CT services.

The investment is expected to upgrade these institutions to modern medical centres and significantly enhance Nigeria’s ability to treat non-communicable diseases.

Speaking at the signing of the agreement on Wednesday in Abuja, the Managing Director, NSIA, Mr. Uche Orji, stated that the investment would assist in bridging the infrastructure gap in the health care sector.

He said the move would also reduce the burden of medical tourism, which is estimated to drain over $1bn in foreign exchange from the country annually.

Similarly, the NSIA boss explained that the investment was intended to provide access to advanced health care services for the benefit of lower income families, many of who had limited access to care.

As part of the programme, he said the NHDIC had procured the services of internationally renowned equipment vendors, including Varian (Switzerland), Siemens (Germany), JNC International (Nigeria) and Fuji Films (Japan).

They are to provide turnkey services, including civil works, design, equipment installation and maintenance services for the centres.

Orji added that each centre would run as a joint venture between the NSIA and the respective tertiary hospital to ensure timely and efficient delivery of services.

He stated, “Investing in health care remains a vital component of the Nigerian Infrastructure Fund strategy. The enhancement of health care infrastructure in these institutions will contribute towards raising the quality and standard of care in Nigeria with outcomes, which are consistent with the 2030 agenda for sustainable development.

“In addition, it will demonstrate the economic potential of health care investments in Nigeria and catalyse private sector participation.”

Commenting on the development, the Minister of Health, Prof. Isaac Adewole, said that one of the most important aspects of health care delivery was investment in infrastructure.

He explained that while the Ministry of Health maintained the position that individuals must be empowered to track their health and encouraged to maintain positive and healthy lifestyles, it was incumbent on the government to create an enabling environment for accessible, affordable and effective health care services locally.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Appointments

Ahmad, Lametek Get Presidential Nod as Deputy Governors, CBN for Second Term

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Mrs. Aishah Ndanusa Ahmad

President Muhammadu Buhari has reappointed Mrs. Aishah Ndanusa Ahmad, Deputy Governor, Financial System Stability, Central Bank of Nigeria and Edward Lametek Adamu, Deputy Governor, Corporate Services, Central Bank of Nigeria to serve second terms at the apex bank.

In a letter read by Senate President Ahmad Lawan on the floor of the Senate during Tuesday’s plenary, Buhari requested that the Senate screen and confirm the nominees to serve for a second and final term as deputy governors at the apex bank.

Ahmad, a Chartered Financial Analyst (CFA) charter-holder was first nominated deputy governor in October 2017. She was confirmed as the first female DG in charge of the Financial System Stability directorate which is responsible for ensuring a safe and sound financial system in Nigeria, a core mandate of the CBN.

With over 25 years of policy and financial industry experience, she holds an MSc in Finance & Management from Cranfield University UK, an MBA (Finance) from the University of Lagos and a second-class upper bachelor’s degree in Accounting from the University of Abuja. Ahmad has been credited with bringing dynamism and a strong combination of academic qualifications and private-sector experience to her role as deputy governor of FSS.

Adamu, a quantity surveyor by training was nominated to the role of the deputy governor, in February 2018. He was later confirmed as DG in charge of the Corporate Services directorate following a 25-year career culminating in his role as HR Director at the CBN.

He is a graduate of Ahmadu Bello University, Zaria Kaduna and a fellow of the Nigerian Institute of Quantity Surveyors and the Institute of Credit Administration. He began his career with the Unified Public Service in 1983.

Both nominees are expected to be screened for confirmation by the relevant Senate committee.

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Business

FedEx Establishes Direct Presence in Nigeria to Support Customers with International Trade

Customers in Nigeria now have greater access to a wider portfolio of FedEx Express shipping solutions

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Fedex

FedEx Express (FedEx), a subsidiary of FedEx Corp. and the world’s largest express transportation company, has announced that it has established a direct commercial presence in Nigeria, to meet the country’s growing international shipping demands.

With a direct presence in the country, businesses and customers in Nigeria now have greater access to a wider portfolio of FedEx Express shipping solutions, while Red Star Express Plc, our service provider in Nigeria continues to provide the infrastructure for ground operations.

Customers will also have access to a range of FedEx digital tools that makes shipping easier and more efficient through www.FedEx.com.  These services include opening a new account, tracking shipment status, creating shipping air waybills, scheduling courier pickups, and managing billing. Additionally, FedEx will now have dedicated Sales and Customer Technology teams on ground to interact and provide enhanced logistics expertise to help local businesses grow internationally.

Nigeria is the largest and fastest growing economy in Africa, and the African Development Bank projects that the average growth rate for the country’s economy will increase by 3.2% between 2022 through to 2022.

Taarek Hinedi, vice president for FedEx Middle East and Africa operations, said, “Today we are closer to our customers than ever before. This strategic step makes it easier for local businesses to ship with us as they look to tap more import and export opportunities and grow their customers around the world.”

“Nigeria is on the right path for further growth and FedEx is committed to supporting this growth and connecting Nigeria to some of the biggest trading partners located in Asia and Europe. The FedEx network is crucial to provide businesses with greater connectivity between Africa and Europe as well as within the Asia Pacific, Middle East and Africa (AMEA) region,” said Hinedi.

“As Nigeria continues with its 2021 to 2025 National Development Plan to increase the share of its exports to Africa up to 35% from a base figure of 20%, businesses will require a range of international services and solutions to help boost the economy.”

FedEx has been facilitating trade in Nigeria since 1994, offering its international solutions through Red Star Express Plc. With this latest initiative, FedEx will continue to leverage the capabilities and infrastructure of the service provider, Red Star Express Plc, that will continue to provide pick-ups, deliveries, customs clearance services, and retail locations across the country.

FedEx remains committed to supporting the Nigerian Government’s Economic Recovery and Growth Plan (ERGP), to drive structural reforms to diversify its economy and reduce dependency on oil. The FedEx direct presence in the country will help connect Nigerian business owners, exporters, importers, and consumers to more than 220 countries and territories worldwide, covering more than 99% of the world’s gross domestic product.

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Merger and Acquisition

Otedola Moves to Sell Part of Geregu Power Plc to FEDA

Afreximbank to acquire part of Geregu Power plant

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Geregu Power

Billionaire Femi Otedola-owned energy company, Geregu Power Plc is in talks with the Fund for Export Development in Africa (FEDA) for the acquisition of part of the energy company.

The company stated in a statement signed by Akinleye Olagbende, Company Secretary and made available on the Nigerian Exchange Limited (NGX).

Geregu Power hereby notifies “Nigerian Exchange Limited (the Exchange) and the investing public of its discussions with the Fund for Export Development in Africa (FEDA) for the acquisition of a portion of Geregu Power Plc shares. FEDA is the impact development arm of the Africa Export and Import Bank (Afreximbank),” the company stated.

According to the energy firm, talks are presently ongoing and “where these talks progress to a more advanced stage, the company will notify the Exchange and the investing public in line with the rules of the Exchange.”

In October, Geregu Power listed 2.5 billion shares at N100 a unit on the Main Board of the NGX. This puts the company’s market value at N250 billion and also in a better position it to raise capital to bid for Geregu II as it is presently doing.

Speaking on the listing, the Chairman, Board of Directors, Mr. Femi Otedola, CON, said “the listing of the company was the actualization of a vision to bring world-class standards in governance sustainability, and business processes to the Company and the Nigerian electricity sector.”

He added that “listing on the Main Board of the Exchange will ensure that the long-term growth of the company is assured and its benefits will be passed on to our esteemed shareholders”.

Otedola is the largest shareholder in FirstBank and also holds a 99% stake in Amperion Power, the owner of the Geregu Power Plant.

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